SINGAPORE: Bank of Singapore, the private banking subsidiary of OCBC Bank, has appointed Bahren Shaari as its new chief executive officer (CEO) from Feb 1 next year.
He replaces Renato de Guzman, 64, who will retire as CEO from end-January.
Mr de Guzman, also known as Bing, will stay on as senior advisor to the bank till Jun 30, 2015.
Mr Bahren, 52, has more than 25 years of banking experience and was part of the management team at ING Asia Private Bank (IAPB) that moved over to Bank of Singapore in January 2010 when it was acquired by OCBC Bank.
Prior to that, he was managing director of UBS Wealth Management, where he headed the South East Asia and Australia marketing team.
Over the past five years, Mr Bahren helped build Bank of Singapore’s market position in Indonesia and Malaysia by tripling the assets under management.
The bank said in a statement that he has “spearheaded the implementation of a robust client-centric advisory process that has helped deliver significant revenue growth”.
Under the leadership of Mr de Guzman, the bank’s assets under management crossed the US$51.1 billion (S$65.9 billion) mark as at Sep 30, 2014, from US$23 billion in January 2010.
Bank of Singapore’s chairman, Ching Wei Hong, said: “Within the short span of five years, Bank of Singapore has achieved remarkable success. A large part of this is due to Bing’s passion and his relentless efforts to always do what is best for our clients.”
Last month, Mr de Guzman was named Outstanding Private Banker – Asia Pacific by news and research firm Private Banker International.
Source: www.channelnewsasia.com
